Coastal Energy Co.
AIM : CEO
TSX VENTURE : CEN

Coastal Energy Co.

June 09, 2008 14:21 ET

Coastal Energy Company: Block Admission Return and Application for Admission

LONDON, UNITED KINGDOM--(Marketwire - June 9, 2008) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES.

Coastal Energy Company (the "Company") (TSX VENTURE:CEN)(AIM:CEO) announces its AIM block admission return for the period from 24 September 2007 to 24 March 2008.



----------------------------------------------------------------------------
Common Shares of $0.01 (Pre-Reverse Stock Split)
----------------------------------------------------------
Name of Scheme / Issuable under Expired/ Issuable under Effect of
Exercise Price scheme at 24 cancelled scheme prior reverse
Sept. 2007 during to reverse stock split
the period stock split (Note 1)
----------------------------------------------------------------------------

Common share
purchase
warrants
granted 20
July 2005 at
GBP 0.70 /
now at GBP 2.80
(Note 1) 9,375,002 - 9,375,002 (7,031,257)

Options granted
25 Jan. 05 under
the Company's
Stock Option
Plan at GBP 0.10
now at GBP 0.40
(Note 1) 850,000 - 850,000 (637,500)

Options granted
06 July 05
under the
Company's Stock
Option Plan at
GBP 0.35 / now
at GBP 1.40
(Note 1) 1,600,000 (750,000) (850,000) (637,500)

Options granted
27 Dec. 06 under
the Company's
Stock Option
Plan at CAD 0.55
/ now at CAD
2.20 (Note 1) 9,375,002 - 9,375,002 (8,700,000)

Options granted
15 June 07 under
the Company's
Stock Option
Plan at CAD 0.74
/ now at CAD
2.96 (Note 1) 850,000 - 850,000 (1,125,000)

Options granted
25 Jan 08 under
the Company's
Stock Option
Plan at CAD 3.94 - - - -

----------------------------------------------------------------------------
TOTAL 24,925,002 (750,000) 24,175,002 (18,131,257)



----------------------------------------------------------------------------
Common Shares of $0.04
-------------------------------------------------------
Name of Scheme / Issuable under Issuable Issued Issuable under
Exercise Price scheme after during during scheme at 24
reverse stock the the March 2008
split period period
----------------------------------------------------------------------------

Common share
purchase warrants
granted 20 July
2005 at GBP 0.70
/ now at GBP 2.80
(Note 1) 2,343,745 - - 2,343,745

Options granted
25 Jan. 05 under
the Company's
Stock Option Plan
at GBP 0.10 now
at GBP 0.40
(Note 1) 212,500 - (25,000) 187,500

Options granted
06 July 05 under
the Company's
Stock Option Plan
at GBP 0.35 / now
at GBP 1.40 (Note 1) 212,500 - (37,500) 175,000

Options granted 27
Dec. 06 under the
Company's Stock
Option Plan at CAD
0.55 / now at CAD
2.20 (Note 1) 2,900,000 - - 2,900,000

Options granted 15
June 07 under the
Company's Stock
Option Plan at CAD
0.74 / now at CAD
2.96 (Note 1) 375,000 - - 375,000

Options granted 25
Jan 08 under the
Company's Stock
Option Plan at CAD
3.94 2,375,000 - 2,375,000

----------------------------------------------------------------------------
TOTAL 6,043,745 2,375,000 (62,500) 8,356,245

Note 1: The shares of the Company's common stock were reduced by a reverse
stock split with a conversion ratio of one share for every four held (1:4)
effective 8 November 2007. The par value of the common stock was increased
from US $0.01 to US $0.04 as a result of this reverse stock split. All
warrants and stock options outstanding at this date were also reduced by the
same ratio and their related exercise price was increased accordingly.


Since 24 September 2007, excluding adjustment for the reverse stock split, the block scheme has been increased by 1,562,500 common shares.

As at 24 March, 2008, the Company has 93,490,720 common shares in issue with a par value of US $0.04.

As at 25 September 2006, the date of the Company's admission to AIM, the Company had an issued share capital of 305,832,888 common shares with par value of US $0.01 admitted to trading on AIM. As a result of the reverse stock split, this share capital was reduced to 76,458,222 common shares with par value of US $0.04.

The Company has also applied to AIM for an additional 5,000,000 common shares with par value of US $0.04 to be listed via a block listing. Admission of the new common shares is expected to occur at 8am on 13 June 2008.

On behalf of Coastal Energy Company

Kimberley R. Landon, Corporate Secretary

For additional information, please visit our website, www.CoastalEnergy.com.

These securities have not been registered under United States Securities Act of 1933 (the "US Securities Act") or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) unless an exemption from registration is available.

The TSX Venture Exchange does not accept responsibility For the adequacy or accuracy of this release.

Contact Information

  • Coastal Energy Company
    Frank Inouye
    Chairman
    +44 (0) 1483 549 549
    or
    Coastal Energy Company
    Randy L. Bartley
    Chief Executive Officer
    (713) 877-6705
    or
    Coastal Energy Company
    William C. Phelps
    Chief Financial Officer
    (713) 877-6727
    Email: investor@CoastalEnergy.com
    Website: www.CoastalEnergy.com
    or
    Bell Pottinger Corporate & Financial
    Nick Lambert / Roseanne Perry
    +44 (0) 20 7861 3232
    or
    KBC Peel Hunt Ltd (Nominated Adviser)
    Jonathan Marren / Matt Goode
    +44 (0) 20 7418 8900